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Insertion of new section 32AD- Investment in new plant or machinery in notified backward areas in certain States

Section 11 - DIRECT TAXES - Income-tax - Finance Act - Section 11 - Insertion of new section 32AD 11. After section 32AC of the Income-tax Act, the following section shall be inserted with effect from the 1st day of April, 2016, namely:- Investment in new plant or machinery in notified backward areas in certain States 32AD. (1) Where an assessee, sets up an undertaking or enterprise for manufacture or production of any article or thing, on or after the 1st day of April, 2015 in any backward area .....

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for the assessment year relevant to the previous year in which such new asset is installed. (2) If any new asset acquired and installed by the assessee is sold or otherwise transferred, except in connection with the amalgamation or demerger or reorganisation of business referred to in clause (xiii) or clause (xiiib) or clause (xiv) of section 47, within a period of five years from the date of its installation, the amount of deduction allowed under sub-section (1) in respect of such new asset sha .....

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